BUSINESS NEWS

Kenya is now the third-largest economy in sub-Saharan Africa behind Nigeria and South Africa in dollar terms. Kenya, previously ranked at position four, toppled Angola to jump to third place, according to fresh data released on Friday by International Monetary Fund (IMF). Since 2016, Angola’s…

Saudi Prince Al-Waleed bin Talal has reportedly sold his stake in two five-star hotels in Kenya. Al-Waleed sold his stake in Fairmont The Norfolk and Fairmont Mara Safari Club through his investment company Kingdom Holding to Nepalese tycoon Binod Chaudhary for Sh2.8 billion, Business Daily…

The Kenya Revenue Authority (KRA) has begun processing value-added tax (VAT) refunds to business entities that have been adversely affected by the Covid-19 pandemic. KRA said the refund, totaling Sh10 billion, is in line with President Kenyatta’s directive in April to enable the businesses to…

The government, through the office of the Attorney-General, has written to the management of hotel chain, Fairmont seeking answers to its decision to fire all employees of two of its establishments in Kenya. The sacking of all workers attached to Fairmont The Norfolk Hotel and Fairmont Mara Safari…

Fairmont Hotel has shut down two of its establishments in Kenya and fired all employees. Country General Manager Mehdi Morad in a memo said Fairmont The Norfolk and Fairmont Mara Safari Club have been shut due to the effects of the Covid-19 pandemic on the hotel business. “Due to the uncertainty of…

Kenya Airways (KQ) has posted a loss of Sh12.9 billion for the financial year ended in December 2019. This represents a 71 percent growth in losses compared to the Sh7.6 billion loss recorded in the previous fiscal year. KQ, through a statement on Tuesday said the company’s total revenue grew 12.4…

Kenya’s giant mobile operator, Safaricom has been ranked among the 10 most valuable companies in Africa in 2020. A report by South African-based business magazine, African Business indicates that Safaricom value presently stands at $9.96 billion (Sh1.06 trillion), making it the 10th most valuable…

The National Treasury has introduced new regulations that will have banks, microfinance institutions, and Saccos fined Sh2 million for every borrower they deny a loan for being listed with credit reference bureau (CRB). The Business Daily on Monday reports that the new guidelines are aimed at…

President Kenyatta has given Rwanda a parcel of land in Naivasha to build a dry port for its cargo, according to reports. The move is aimed at easing transportation of goods from the Mombasa seaport to Kigali as well as reduce the cost of ferrying cargo between Kenya and Rwanda, a landlocked…

Kenya Revenue Authority (KRA) has launched a fresh bid to recover nearly Sh3 million in unpaid taxes from controversial Kenyan economist David Ndii. Business Daily reported on Friday, May 15th that KRA has notified the High Court of its intention to appeal a decision by the Tax Appeals Tribunal…